Stratus Properties Inc. (NASDAQ: STRS):
- Sales of condominium units at the W Austin Hotel & Residences project, which began in January 2011, totaled 10 units for $13.2 million for third-quarter 2011 and 69 units for $76.6 million for the first nine months of 2011.
- Average occupancy at the W Austin Hotel was 68 percent during third-quarter 2011 (75 percent excluding the nine days the hotel was closed in July) and 73 percent during the first nine months of 2011.
- ACL Live, which opened in February 2011, hosted 39 events during third-quarter 2011, 111 events during the first nine months of 2011 and 128 events through October 31, 2011.
- Construction activities at Parkside Village continue on schedule. As of October 31, 2011, Parkside Village is 67 percent pre-leased, and leasing activities are ongoing.
- Total debt was $181.7 million at September 30, 2011, and $201.5 million at December 31, 2010.
SUMMARY FINANCIAL RESULTS
|Nine Months Ended|
|(In Thousands, Except Per Share Amounts)|
|Operating income (loss)||(1,482||)||(2,888||)||5,782||(8,403||)|
|Net income (loss)||(3,685||)||(2,989||)||1,244||(16,421||)|
|Net loss attributable to Stratus common stock||(3,576||)||(2,522||)||(6,109||)||(15,765||)|
|Diluted net loss per share attributable to Stratus common stock||$||(0.48||)||$||(0.34||)||$||(0.82||)||$||(2.11||)|
|Diluted weighted average shares of common stock outstanding||7,494||7,470||7,491||7,464|
Stratus Properties Inc. (NASDAQ: STRS) reported a net loss attributable to common stock of $3.6 million, $0.48 per share, for third-quarter 2011, compared with a net loss of $2.5 million, $0.34 per share, for third-quarter 2010. For the first nine months of 2011, Stratus reported a net loss attributable to common stock of $6.1 million, $0.82 per share, compared with a net loss of $15.8 million, $2.11 per share, for the first nine months of 2010. The loss in the nine-month 2010 period includes a charge of $10.6 million to establish valuation allowances against net deferred tax assets.
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